Extended Health & Group Insurance

Group insurance benefits are one of the major benefits offered by many employers. Provincial health plans (OHIP) may not cover everything. A group insurance benefits help to ensure your employees and their dependents are adequately protected and help you to retain the happy employees.

The group insurance benefits and options include, basic life, optional life, accidental death and dismemberment , short term and long-term disability, prescription drugs, Extended health care , semiprivate, vision, dental , emergency travel , employee assistance program and critical illness. We help you to design the group plan suitable to your needs and within your budget at an affordable price from an array of benefits and options.

We explore Group retirement solutions.

Group retirement solutions are one of the best ways to help you to save for your retirement. Group retirement solutions such as Group RRSP, Group TFSA and Group Annuity , enable you to save consistent amount over a long period of time .

Group retirement solutions offer the following benefits:

For Business owners :

• Your contributions are tax deductible as business expense.
• Improves employee morale, productivity, and efficiency.
• Attracting and retaining valuable employees.

For Employees :

• Paying yourself first through payroll deductions is an easy, painless way to save conveniently and quickly.
• Payroll deductions are instant tax deductible.
• Payroll deductions also provide the benefit of dollar-cost-averaging.
• Employer matching contributions enhance your personal contribution amounts.
• Professional investment management and lower management fees than individual plans.
• Free educational sessions and any time online account access.
• You can name a beneficiary to avoid the probate process and fees that might otherwise apply.
• Group plans may also offer creditor protection.

Group RRSP is an employer-sponsored retirement savings plan. Usually, contributions are made by payroll deduction on a pre-tax basis which allows employee to take home a little extra pay on every paycheck as an instant tax refund. It is also a great benefit for employees as an investment growth start right from each pay deduction which may further enhance due to tax deferral growth and dollar-cost averaging .

Employer often matches employee contributions to a maximum of 2-5% of earnings. Employer contributions are not mandatory. Group RRSP is very similar to individual RRSP except that is administered on a group basis by employer.

Employees gain access to their funds with no tax to buy a first home under Home Buyers’ plan or for education under Lifelong Learning Plan.

DEFERRED PROFIT SHARING PLAN (DPSP) — A DPSP is an employer-sponsored profit sharing plan registered as a trust with Canada Revenue Agency (CRA ). Employee contributions are not permitted. Only employer contributions which are linked to the profitability of the business. Employer contributions are tax deductible for the employer. Employees do not pay income tax on DPSP contributions until funds are withdrawn. A DPSP is usually offered in conjunction with a group RRSP. The employee contributes to the group RRSP, and the employer’s matching contributions are deposited to the DPSP.

Group annuities are steadily growing as a greater number of corporations are looking to transfer their pension risk to insurer to reduce the risks associated with managing their pension funds particularly under defined benefit pension plans. Group annuity is one large annuity contract covering all eligible employees that guarantee an income to each employee for life or for a set period. The employer owns the contract and employees sign on as subscribers to the policy.

Group TFSA is also another type of retirement savings plan with payroll deduction. Adding a Group TFSA to an existing retirement savings plan allows employees to automatically not just for retirement goals but also for other savings goals. For employers, Group TFSA is a great addition to employee benefit package which helps boost employee satisfaction and morale. It is like an individual TFSA on group basis. Contributions subject to limits are not tax deductible, but the growth on the contributions is tax free, even when withdrawn.